Trump’s ‘currency manipulator’ attack may spur Russia-China trade towards local currency / News / News agency Inforos
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Trump’s ‘currency manipulator’ attack may spur Russia-China trade towards local currency

Trump’s ‘currency manipulator’ attack may spur Russia-China trade towards local currency
Context:

The Trump administration’s decision to brand China as a currency manipulator can encourage a more rapid transition of trade between Russia and China into national currencies, Wan Chengcai, an expert with Xinhua News Agency’s Center of International Problems Research told TASS on Wednesday.

"The Chinese yuan has already been recognized as a reserve currency. The recent decision by the United States to recognize China as a currency manipulator, from my point of view, will not adversely affect Sino-Russian trade and economic relations," the expert said.

"Furthermore, it can even be positive for our bilateral trade because we can use less dollars and more yuan and rubles," he noted. The political course of Beijing and Moscow involves increasing the share of national currencies use in trade, Wan Chengcai added.

As reported earlier, the US Department of the Treasury labelled China as a currency manipulator.

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